Gold Price Forecast: XAU/USD stays defensive above $1,780 support, US Michigan CSI eyed – by anilpanchal7 Gold XAUUSD YieldCurve Fed Inflation
In doing so, the Fed policymakers fail to welcome the latest weakness in the inflation data. On Thursday, the US Producer Price Index for July tracked the headline Consumer Price Index while easing to 9.8% YoY versus 11.3% prior and 10.4% market forecasts, the data published by the US Bureau of Labor Statistics revealed. Details suggest that the monthly PPI dropped to the lowest levels since May 2020, to -0.5% compared to 1.0% expected and 0.
Amid these plays, the US 10-year Treasury yields retreat from a three-week high, also snapping a three-day uptrend, amid recession fears. However, Wall Street closed mixed and Asia-Pacific shares outside Japan grind lower. It should be noted that the pessimism surrounding the US-China tension over Taiwan and covid woes in Beijing also negatively affectdue to the dragon nation’s status as the world’s largest commodity user. Recently, Fitch ratings mentioned that they anticipate a recovery in China's tourism spending in 2h22 as pandemic-related controls are relaxed.
Moving on, the first reading of the US Michigan Consumer Sentiment Index for August, expected at 52.5 versus 51.5 prior, is important for the XAU/USD traders to overcome the latest indecision.Gold price floats above the 50-DMA support near $1,780, despite closing below a three-week-old ascending trend line the previous. The upside momentum also takes clues from the firmer RSI.
On the contrary, a daily closing below the 50-DMA support of around $1,780 could open the doors for the bullion’s south-run towards the monthly low surrounding $1,754.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD needs a break below $1,784 to extend the correction – Confluence DetectorGold price is keeping the corrective momentum intact, as it remains below the $1,800 mark. The bright metal is on its retreat from monthly highs of $1
Read more »
Gold Price Forecast: XAU/USD sellers are lurkingility – TDSXAU/USD is keeping the corrective momentum intact, as it remains below the $1,800 mark. In the view of strategists at TD Securities, gold’s price acti
Read more »
Gold Price Forecast: XAU/USD bulls got free drinks on the house, but hangovers could await themAt $1,791.43, gold is around 0.17% higher on the day. It has rallied from a low of $1,787.60 to a fresh bullish corrective high of $1,807.96. The gold
Read more »
Gold Price Forecast: XAU/USD edges higher amid weaker USD, risk-on mood seem to cap gainsGold Price Forecast: XAU/USD edges higher amid weaker USD, risk-on mood seem to cap gains – by hareshmenghani Gold Commodities Fed RiskAppetite XAUUSD
Read more »
Gold Price Forecast: XAUUSD backs away from $1800 as US yields soarGold turned negative for the day after a reversal from near $1800. XAUUSD peaked at $1799 during the American session and then turned to the downside
Read more »
Video of India's Hima Das winning gold in 2018 falsely shared as '2022 Commonwealth Games win'A video has been viewed millions of times in Facebook and Twitter posts that claim it shows Indian sprinter Hima Das winning a gold medal at the 2022 Commonwealth Games in Birmingham, England. However, the claim is false; while Das competed in the Games, she did not secure any medals. The video is from 2018, when she won gold in the women's 400m race at the World Athletics U20 Championships in Tampere, Finland.
Read more »